If I lower the price on my home will my mls listing appear as a new listing or be promoted in any way on mls?
I am trying to find some creative way to enhance my property on mls when realtors run queries of properties in my area/price range. I do not want to withdraw my listing and then have it reposted as a new listing a few days later.
They just changed the MLS in CA to reflect the actual days on the market, no more sleazy real estate practices. It is now listed DOM/CDOM, just like that. If you had it 30 days and reupped it with a new MLS it would show 1/30.
Here the hot sheets have an entry for reduced prices and they get re-upped for the ongoing searches a real estate agent might run. They also appear green, instead of blue in a list, with a big down arrow next to them.
If you take it down and put it up again, it shows up as "back on the market". I take this as a big red flag that something is wrong with the house and a previous sale did not fly because of it.
October 1st, 2009 at 12:21 am
Well whenever there’s a change, such as price reduction, it flags listing. Actually withdrawing it and having a new one is good too. Anything to attract more attention.
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October 1st, 2009 at 1:00 am
Most MLS listings have a "history" and your price reduction is entered in that history. If you want to change the history, the listing would have to be re-entered and get a new MLS#…GOOD agents do this every 3 to 6 months as listings get stale and they want to mask the DOM * days on market* from the public…other RE agents can search the property address and get all of the listings and history.
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October 1st, 2009 at 1:29 am
In my area, (Puget Sound, WA) our MLS has rules against cancelling a listing & then inputting it as new with a minimal or what they deem frivolous price change & doing so comes with a hefty fine. The DOM stay the same regardless in the listing history.
Most listings will "drop back into prospects carts" with the price change regardless. Ours has a green arrow pointing down to indicate a price reduction, green arrow pointing up for a price increase.
Ask your agent if the MLS supports what we call "Reverse Prospecting". This allows your agent to seek other agents that have a "prospect" with the search criteria that your home would fall into. Your agent could then target market to those agents, making them aware of your fresh price reduction.
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October 1st, 2009 at 2:04 am
You should not withdraw the listing. What the agent should do under his remarks section, it note there is a price reduction. That will get others attention. I would also ask my agent, to offer a selling bonus
He can offer one to the buyer offering to pay closing or part of closing cost. Or he can offers selling bonus to the selling agent. He can pay for it our of his commission or you can pay it or you can go together and half it. Maybe you could just not lower the price as much.
In MLS for the other agents, it will reflect a price change even if there are no remarks. But, it always helps to offer something to the selling agents. Many are taught to sell the ones with the highest commission or bonuses.
Your agent will hate me for this but this is how it works and times are hard for everyone. It is very difficult to sell a house anywhere of any kind.
Good luck hope it sells quickly.
PS: I still think the option of paying closing or allowing a carpet replacement allowance, etc will help sell it better. Many times, I have spit the Cost of bonus to selling agent and half closing cost. it works well. Everyone want a bargain. Normally it will sell better than just lowering the price a couple thousand dollars.
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A Licensed Realtor/Consultant
October 1st, 2009 at 2:26 am
I don’t know about the MLS in all areas, but in the SoCalMLS there is not really any "promotion" other than a "Hot Sheet." Many agents never look at the hot sheet. The hot sheet will list the current activity depending on what report you ask for. So if an agent requests the hot sheet for Your City, Residential properties, that have price changes, it would show up on the report whether you raised or lowered the price. But will agents be pulling the report for price changes? In my opinion it isn’t likely.
The way most agents use the MLS is to filter the listings according to the criteria that are entered so you can find properties matching what the client wants.
If a client wants (or can only afford) a cheaper house, then lowering the price would make it show up in the filtered results. Agents often put the minimum price to $1 when doing a search so it is not likely that you will price it below the range they are searching for.
So it may bring more buyers just by virtue of the fact that they are looking for a cheaper home, but other than that, I would have to say the answer is no.
On the other hand, cancelling the listing and reposting it will not necessarily have any better results. There is a hot sheet category for "Back on the Market", but again, who is searching for that? I would think there are more people searching for "Price Changes" than "Back on the Market"
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October 1st, 2009 at 2:32 am
They just changed the MLS in CA to reflect the actual days on the market, no more sleazy real estate practices. It is now listed DOM/CDOM, just like that. If you had it 30 days and reupped it with a new MLS it would show 1/30.
Here the hot sheets have an entry for reduced prices and they get re-upped for the ongoing searches a real estate agent might run. They also appear green, instead of blue in a list, with a big down arrow next to them.
If you take it down and put it up again, it shows up as "back on the market". I take this as a big red flag that something is wrong with the house and a previous sale did not fly because of it.
References :